Downtown Sheraton fetches $47.5M

California investors make biggest hotel buy of 2012

Nashville's downtown Sheraton Hotel sold Tuesday for more than $47.5 million to a California investment group.

The Sheraton, known for its flying saucer-shaped revolving restaurant that closed in 2000, was owned by Memphis-based Davidson Hotel Group, which sold the hotel to JRK Property Holdings.

Davidson bought out the interest of a partner for $24.5 million in 2004, 11 years after the joint venture bought the property for $14.5 million. At that time, the hotel was still a Holiday Inn Crowne Plaza.

The 473-room hotel opened in 1975 and was, at the time, downtown's fourth-tallest building (it now ranks as the 12th tallest). The property was most recently appraised for $37.5 million.

E-mails to JRK for details on the company's plans were not immediately returned.